Park Group sees 12% customer billings rise

Tuesday 18 December 2012 - Editorial Assistant

Voucher and gift card company Park Group saw a 12 per cent rise in customer billings in the six months to September 30th 2012 compared to the same period last year.

The 12 per cent increase meant that Park made £54.6 million in customer billings in the first half of this year, an increase of £6 million on last year’s total of £48.6 million.

Park generally makes a loss in the first half of the year, much of its revenue being generated in the run-up to Christmas, but its pre-tax loss was down to £4.1 million in the first half of this year, compared to £4.4 million in 2011.

The company has continued to see success from its flexecash prepaid card, launched in 2010, which is maintaining rapid sales growth.

£140 million has been loaded onto the flexecash cards since 2010.

Smartphone and tablet computer users also benefitted from the launch of new transactional websites specifically designed to cater for them this year.

In a statement included in the company’s interim report Park non-executive chairman, Peter Johnson, said: “The strong performance of the first half is being maintained across the company with orders well ahead of the equivalent period last year.

“The innovation, drive and enthusiasm within Park is delivering exciting new products and applications, none more so than flexecash, which is taking the company into product and customer areas which were previously closed to us.

“The combination of technological advances and marketing initiatives, together with the bedrock of our traditional business, gives us real confidence in the continued growth of Park.”